The automated guided vehicle (AGV) market is expected to reach USD 1.5
billion by 2024. The growing focus on industrial automation, worldwide,
is expected to contribute to the revenue growth.

The manifold advantages offered by AGVs, such as reduction in the
operational cost, decrement in the production time, and enhanced
workforce safety, are substantially energizing the industry growth
prospects. These vehicles offer dynamic design solutions that
pertinently replace the conventional conveyor systems and their
associated high costs.

Innovative technologies, such as laser, vision, and natural guidance,
are instrumental in creating a high potential for the automated guided
vehicle market growth. AGVs with such advanced wireless navigation
technologies help in eliminating the need for expensive retrofitting,
which is one of the primary factors behind their adoption.

This escalating demand for material handling equipment is projected to
drive the market growth over the forecast period. Firms, operating in
the warehouse businesses, are focusing on increasing spending on these
vehicles to meet the growing demand for their services and to improve
the efficiency of their operations.